Economy News

Seoul Makes Top Six in Global Financial Centres Index (GFCI)

09/30/2015SMG2324

Seoul came in sixth place in the Global Financial Centres Index (GFCI), which is a ranking of the financial competitiveness of major cities around the world published by Z/Yen, an England-based consulting firm. This was the highest ranking Seoul has ever achieved in the history of the GFCI.

The GFCI is a major index that measures the financial competitiveness of major cities around the world. The ranking is an aggregate of indices in five areas—business environment, financial sector development, infrastructure, human capital, and general competitiveness—evaluated by outside organizations. Since 2007, the GFCI has been published twice a year, in March and September.

Seoul placed sixth in the rankings after stepping up to seventh place in March earlier this year. Other top-ranking cities include the leading financial city of London in first place and New York in second place, followed by Hong Kong and Singapore, respectively.

Seoul was able to move up to sixth in the GFCI thanks to the achievements made through the various projects introduced by Seoul Metropolitan Government, such as fostering the city as a financial center, establishing infrastructure, and improving the residential and investment environments for foreigners, and which continue through the founding of clinics and schools for foreigners and other diverse projects.